M&M auto sales up 18% in November at 48,143 units

New Delhi: Auto major Mahindra & Mahindra on Saturday reported 18 percent increase in total sales at 48,143 units in November.

The company had sold 40,722 units in the same month last year.

The company's domestic sales stood at 46,755 units during the month against 38,159 units in November 2011, up 23 percent, it said in a statement.

The passenger vehicles segment (which includes the UVs and Verito) registered an increase of 38 percent at 24,604 units against 17,813 units in the year-ago month.

Exports in the last month, however, declined by 46 percent at 1,388 units from 2,563 units in the same month last year, it said.

Commenting on the numbers, Mahindra & Mahindra Chief Executive (Automotive Division) Pravin Shah said: "We are happy to maintain our growth trend on the back of our portfolio of products especially the Quanto, which has crossed more than 12,000 bookings in just over two months."

He said the recently announced GDP numbers were in line with expectations and the company did not foresee any immediate impact on the monetary policy.

"Till there is a decrease in interest rates for corporate or retail credits, financing rates will remain high for auto customers which is a cause of concern. However, we expect interest rates to be reduced during the last quarter of the current financial year," Shah said.